Boise Cascade (NYSE:BCC) Cut to “Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Boise Cascade (NYSE:BCC) from a hold rating to a sell rating in a research report released on Saturday.

Other equities research analysts have also issued research reports about the company. BMO Capital Markets reissued a “market perform” rating and set a $100.00 price objective on shares of Boise Cascade in a research note on Tuesday, September 16th. DA Davidson dropped their price target on Boise Cascade from $100.00 to $95.00 and set a “buy” rating for the company in a research report on Friday. Weiss Ratings reiterated a “hold (c-)” rating on shares of Boise Cascade in a research report on Wednesday, October 8th. Truist Financial dropped their price target on Boise Cascade from $101.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, September 17th. Finally, Bank of America dropped their target price on shares of Boise Cascade from $111.00 to $107.00 and set a “buy” rating for the company in a research report on Wednesday, July 9th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $102.50.

Boise Cascade Price Performance

BCC stock opened at $73.11 on Friday. The firm has a 50 day moving average of $80.20 and a 200-day moving average of $85.82. The company has a current ratio of 2.96, a quick ratio of 1.54 and a debt-to-equity ratio of 0.21. Boise Cascade has a 12 month low of $70.00 and a 12 month high of $155.42. The firm has a market capitalization of $2.73 billion, a P/E ratio of 10.74, a price-to-earnings-growth ratio of 5.58 and a beta of 1.27.

Boise Cascade (NYSE:BCC) last announced its quarterly earnings results on Monday, August 4th. The construction company reported $1.64 EPS for the quarter, missing the consensus estimate of $1.69 by ($0.05). Boise Cascade had a net margin of 4.00% and a return on equity of 12.26%. The firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.76 billion. During the same period in the previous year, the business earned $2.84 earnings per share. The firm’s revenue for the quarter was down 3.2% on a year-over-year basis. As a group, sell-side analysts predict that Boise Cascade will post 10.15 earnings per share for the current fiscal year.

Boise Cascade Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 17th. Investors of record on Tuesday, September 2nd were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Tuesday, September 2nd. This is a positive change from Boise Cascade’s previous quarterly dividend of $0.21. Boise Cascade’s dividend payout ratio is presently 12.92%.

Insider Buying and Selling

In other news, COO Jeffrey Robert Strom sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $91.06, for a total value of $91,060.00. Following the completion of the sale, the chief operating officer directly owned 37,026 shares in the company, valued at approximately $3,371,587.56. The trade was a 2.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Jill Twedt sold 1,782 shares of the business’s stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $83.97, for a total transaction of $149,634.54. Following the completion of the sale, the senior vice president owned 32,867 shares of the company’s stock, valued at approximately $2,759,841.99. The trade was a 5.14% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,815 shares of company stock worth $409,637 in the last quarter. 1.11% of the stock is owned by insiders.

Institutional Trading of Boise Cascade

Hedge funds have recently added to or reduced their stakes in the business. Salomon & Ludwin LLC bought a new stake in Boise Cascade in the third quarter worth $28,000. Huntington National Bank lifted its stake in shares of Boise Cascade by 630.0% in the 2nd quarter. Huntington National Bank now owns 438 shares of the construction company’s stock valued at $38,000 after acquiring an additional 378 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Boise Cascade by 120.7% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 406 shares of the construction company’s stock valued at $40,000 after acquiring an additional 222 shares during the last quarter. RMG Wealth Management LLC bought a new stake in shares of Boise Cascade in the 2nd quarter valued at about $42,000. Finally, CWM LLC lifted its position in Boise Cascade by 30.6% in the third quarter. CWM LLC now owns 747 shares of the construction company’s stock valued at $58,000 after purchasing an additional 175 shares during the last quarter. 96.18% of the stock is owned by institutional investors.

About Boise Cascade

Boise Cascade Company engages in manufacture of wood products and distribution of building materials in the United States and Canada. It operates through two segments, Wood Products and Building Materials Distribution. The Wood Products segment manufactures laminated veneer lumber and laminated beams used in headers and beams; I-joists for residential and commercial flooring and roofing systems, and other structural applications; structural, appearance, and industrial plywood panels; and ponderosa pine shop lumber and appearance grade boards.